Loopyloo UE Diary

[Pixie]

Re: Loopyloo UE Diary

Good news for Christmas!

If Lowell don't own the debt then they can pass it back to HBOS who will then pass it on to another dca. If they do own the debt then they can sell it on.

[MrsD]

Re: Loopyloo UE Diary

23/12/13 - Letter received from Lowell's - They have concluded their review of my complaint ' This account is a bank account blah blah we refer you to section 74(b) of CCA 1974 whereby any requirement to supply a copy of the agreement is exempt for current accounts. Our view is that HBOS sold the account on the basis that the debt was properly due and owing. In the circumstances, however I have decided to close your account and will take NO further action to recover the debt'

Woop woop!! My wee heart sank when I just came in the door and saw a letter from them, as I didn't want anything hanging over me, over Xmas period. They said they will update credit file accordingly, but can they still sell this debt on? As they don't mention if they are passing it back to HBOS, or their actual reason for closing it, just that they will no longer try to recover it. So happy I could scream right now!!

Good one loopyloo, Lowell seem to have bought a big pile of pooh from HBOS, hope HBOS tied it with a pretty ribbon

Have a lovely Christmas!

[alland]

Re: Loopyloo UE Diary

Lovely news to get loopy loo, one less worry, so you and yours have a wonderful Christmas

[Loopyloo]

Re: Loopyloo UE Diary

Thanks guys really chuffed, and at least now I'll be more prepared for the next bunch of muppets that take it on!
Hopefully no mail tomorrow over my other debts.....unless it's good news!

Merry Christmas everyone!

[IF]

Re: Loopyloo UE Diary

Merry Christmas Loopyloo

[alland]

Re: Loopyloo UE Diary

Loopyloo if any dubious looking mail arrives tomorrow just leave it un-opened in a drawer until after Christmas, whatever it is, a few days of not responding to any demands or otherwise won't make any difference in the scheme of things, Let battle recommence after the holidays....

[SaltnVinegar]

Re: Loopyloo UE Diary

23/12/13 - Letter received from Lowell's - They have concluded their review of my complaint ' This account is a bank account blah blah we refer you to section 74(b) of CCA 1974 whereby any requirement to supply a copy of the agreement is exempt for current accounts. Our view is that HBOS sold the account on the basis that the debt was properly due and owing. In the circumstances, however I have decided to close your account and will take NO further action to recover the debt'

Woop woop!! My wee heart sank when I just came in the door and saw a letter from them, as I didn't want anything hanging over me, over Xmas period. They said they will update credit file accordingly, but can they still sell this debt on? As they don't mention if they are passing it back to HBOS, or their actual reason for closing it, just that they will no longer try to recover it. So happy I could scream right now!!

Thats good news Loopyloo - although Lowells are making a claim they are in the right, if they really believed that they wouldn't close the account.

[Loopyloo]

Re: Loopyloo UE Diary

HBOS have upheld my complaint for PPI on some old loans, not as much as I thought but better than a kick in the teeth! Thing is they are also refunding my ppi premiums on the loan I'm in arrears with which is owned by 1st Credit, I never claimed on this loan as I was concerned it would be seen as an acknowledgment especially as it is so close to it being SB. They seem to have just taken their own initiative to include this.

They are sending out a cheque within 28 days for the full amount, is accepting the refund on the 1st Credit owned loan seen as an acknowledgment of debt or because I have never put anything in writing about that loan will it be ok? Surely a ppi claim is only acknowledging that the account exists nothing to with if it is in debt?

Not it sure what to do any thought?

[PlanB]

Re: Loopyloo UE Diary

they are also refunding my ppi premiums on the loan I'm in arrears with which is owned by 1st Credit

I'm not sure that HBOS can do that since they no longer own the debt

[Never-In-Doubt]

Re: Loopyloo UE Diary

They cannot refund to a debt they do not own, so you need to establish is 1st credit owner or acting agent?

did you apply for a ppi refund?

[Never-In-Doubt]

Re: Loopyloo UE Diary

Edit, after re-reading the fact they're sending you a cheque should mean they are paying it all to you. They cannot pay it into the 1st credit account. Even if they now add the funds to that debt it will not affect SB as you are not acknowledging anything..... Don't worry. Wait and see what happens.

out of interest, how much are they refunding and does it include interest, ie don't accept it till you think it's correct in value.

[PlanB]

Re: Loopyloo UE Diary

how much are they refunding and does it include interest, ie don't accept it till you think it's correct in value.

Maybe this post by Turbo will help Loopyloo with her calculations. He makes it look really easy

Understanding PPI Calculations--- Loan Amortization
However in order to illustrate the concepts within this thread, I am going to assume the following simple scenario:

In the next illustration - note how the overall payment in the latter years of the loan moves towards mainly Principal and less Interest.


This is illustrated below which shows the part of the £528.60 monthly payment that is attributed towards paying off the loan and paying the interest on the loan - note how the ratio changes towards the end of the Loan.




Similarly, another way of illustrating as a % of the monthly payment attributed to paying off the Loan and paying the Interest on the Loan.

[Loopyloo]

Re: Loopyloo UE Diary

I did do 3 ppi claims on older loans that I had before my financial situation went belly up, these loans were paid off years ago and I done them all on their own individual questionnaires specifying loan account numbers etc, at no point have I tried to claim back the ppi on the loan that is in arrears.

The full refund including the refund on the loan account that is in debt is coming directly to me. 1st credit own the loan account outright, I still have their Noa so I'm pretty confident of that. I was concerned for a while that 1st Credit were trying to pass the loan back to HBOS, as HBOS contacted me direct regarding a query I raised with 1st Credit ages ago but they also confirmed then that 1st Credit own it.

Doh never noticed the above replies whilst writing this!

[Loopyloo]

Re: Loopyloo UE Diary

Yeah I've double checked their calculations and it seems to be spot on, think when I tried to work it out before actually claiming i was too trigger happy on the calculator! It does include 8% interest and also interest on the premiums plus an adjustment when I refinanced one of the loans.

I was going to do the sensible thing and keep it for a F&F if needed, but my hubbies car was written off few weeks ago by an eejit going into the back of him and the insurance is taking ages to sort it out so it will help towards a car after all I need someone to chauffeur me about It's always one thing or another! If the insurance comes through before my cheque I'll keep it for F&F......maybe!!

[Never-In-Doubt]

Re: Loopyloo UE Diary

1st credit ALWAYS refer conmaints back to the OC. It's normal. How can they answer when it's not their debt, sorta thing.